Commercial Metals (NYSE:CMC) Shares Sold by Wealthspire Advisors LLC

Wealthspire Advisors LLC trimmed its position in shares of Commercial Metals (NYSE:CMC) by 7.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,428 shares of the basic materials company’s stock after selling 1,270 shares during the period. Wealthspire Advisors LLC’s holdings in Commercial Metals were worth $772,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Advisors Preferred LLC grew its holdings in Commercial Metals by 114.0% during the 4th quarter. Advisors Preferred LLC now owns 60,810 shares of the basic materials company’s stock worth $3,051,000 after acquiring an additional 32,393 shares in the last quarter. Raymond James & Associates grew its position in shares of Commercial Metals by 23.5% in the 4th quarter. Raymond James & Associates now owns 118,904 shares of the basic materials company’s stock worth $5,950,000 after acquiring an additional 22,619 shares in the last quarter. DekaBank Deutsche Girozentrale increased its holdings in shares of Commercial Metals by 270.1% in the 4th quarter. DekaBank Deutsche Girozentrale now owns 137,240 shares of the basic materials company’s stock valued at $6,918,000 after acquiring an additional 100,160 shares during the last quarter. Schonfeld Strategic Advisors LLC raised its position in shares of Commercial Metals by 91.3% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 91,634 shares of the basic materials company’s stock valued at $4,528,000 after acquiring an additional 43,734 shares in the last quarter. Finally, Federated Hermes Inc. boosted its holdings in Commercial Metals by 2.3% in the fourth quarter. Federated Hermes Inc. now owns 260,740 shares of the basic materials company’s stock worth $13,047,000 after purchasing an additional 5,972 shares during the period. 86.90% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have weighed in on CMC shares. StockNews.com cut shares of Commercial Metals from a “buy” rating to a “hold” rating in a report on Thursday, April 18th. BMO Capital Markets increased their price objective on shares of Commercial Metals from $52.00 to $60.00 and gave the stock a “market perform” rating in a research note on Friday, March 22nd. Finally, UBS Group assumed coverage on Commercial Metals in a research note on Tuesday, January 16th. They issued a “buy” rating and a $65.00 target price for the company.

Commercial Metals Stock Performance

CMC traded up $0.22 during trading hours on Friday, hitting $57.77. The company’s stock had a trading volume of 14,260 shares, compared to its average volume of 944,634. The company has a 50-day simple moving average of $55.64 and a 200 day simple moving average of $51.07. The company has a current ratio of 4.19, a quick ratio of 2.69 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $6.68 billion, a PE ratio of 9.99 and a beta of 1.35. Commercial Metals has a fifty-two week low of $39.85 and a fifty-two week high of $59.81.

Commercial Metals (NYSE:CMC) last issued its quarterly earnings results on Thursday, March 21st. The basic materials company reported $0.88 EPS for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.05). Commercial Metals had a net margin of 8.09% and a return on equity of 17.72%. The business had revenue of $1.85 billion for the quarter, compared to analyst estimates of $1.80 billion. During the same period last year, the business posted $1.44 earnings per share. Commercial Metals’s revenue for the quarter was down 8.4% on a year-over-year basis. As a group, sell-side analysts expect that Commercial Metals will post 5.34 EPS for the current year.

Commercial Metals Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, April 10th. Investors of record on Monday, April 1st were issued a dividend of $0.18 per share. This is a boost from Commercial Metals’s previous quarterly dividend of $0.16. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $0.72 annualized dividend and a yield of 1.25%. Commercial Metals’s payout ratio is presently 12.50%.

Insider Transactions at Commercial Metals

In other Commercial Metals news, Chairman Barbara Smith sold 35,704 shares of Commercial Metals stock in a transaction that occurred on Wednesday, March 27th. The shares were sold at an average price of $57.88, for a total value of $2,066,547.52. Following the transaction, the chairman now owns 36,196 shares in the company, valued at $2,095,024.48. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 1.00% of the company’s stock.

Commercial Metals Company Profile

Commercial Metals Company manufactures, recycles, and fabricates steel and metal products, and related materials and services in the United States, Poland, China, and internationally. It operates through two segments, North America and Europe. The company processes and sells ferrous and nonferrous scrap metals to steel mills and foundries, aluminum sheet and ingot manufacturers, brass and bronze ingot makers, copper refineries and mills, secondary lead smelters, specialty steel mills, high temperature alloy manufacturers, and other consumers.